Louisville is now part of one of the five power conferences in college athletics.

It's a first for the school and the move has exponential ramifications for the school in athletics and academics.

Since 1997, the athletic department budget has exploded from $15 million to $86 million.

New facilities have been built for 12 sports, some are on their second version of a new facility.

"This is something we set out to do and we did it. But we know we still have so much more to do. Both athletically but also academically. But we can't get fat, dumb and happy. We have to keep moving forward," said UofL president James Ramsey.

The school's graduation rate has exploded, a five-year window as low as 30 percent is now in the mid-50s with a growth rate of 60 percent.

That was a perfect fit for the ACC, which has some of the best private and public schools -- academically and athletically in the country.

The first high-profile moment for UofL in the ACC is the football season opener hosting Miami of Florida in two months.

"I thought, when this happened, this would of been the ultimate for our fan base. To be in an all eastern time zone, womderful conference. Good across the board in every sport. Academically unparalled. It was incredible," said UofL vice president of athletics Tom Jurich said.

The celebration continues Tuesday afternoon. Cards fans are invited to Fourth Street Live at 5 p.m.